Although everyone has to live in different situations somewhere, each has to decide which option might be the best choice for them when investing in Real Estate! A combination of factors, including the person’s financial situation, job security (actual and perceived), personal savings, comfort zone, personal ideology, goals, needs, priorities, etc., help in the decision, what may and may not be most important for a particular person/family, etc. Although there are many options available, it is up to you to determine the type of Real Estate Investment to go for. In this article we try to identify 6 concrete housing options to evaluate, review, and discuss before investing in Real Estate.
- Rent: Some people prefer to live in or rent a house rather than own it! This can be due to living conditions/insecurities etc. or a lack of resources to buy a house on your own. When buying, you need money for payment associated with other costs (e.g. property rights, property insurance, building inspections, etc.). You will also have to take on additional landlord responsibilities such as repairs, renovations, upgrades, property taxes, fees, maintenance, and more. You may also not know where you will be moving geographically in the near future and feel uncomfortable with other important tasks!
- Rent-to-own: In some cases, the landlord can rent out the property, which means that they pay an upfront rent and a certain percentage of it., valid for the next purchase, within a certain period!
- A Starter Home: Are you looking for a dream home that will keep you busy for most of your life, or a home that you own rather than the rent that will hopefully generate equity that will help fund future improvements to your home?
- Long-Term Residence: Do you want to buy a house that will be your long-term home and can you afford it? Are you confident with your financial standing, economic stability/ employment/ security, and do you have the money available for payments, closing costs, and all the kinds of consulting resources needed for things like repairs, upgrades, renovations etc.?
- Multi-Family Homes: Some people choose to buy multi-family homes or need to buy multi-family homes. Do you like the idea of being an owner of a multi-family home and the responsibilities that owning one? Some people take this route of owning a home because they want to cover the cost of owning their own home by collecting rent. Others don’t want to own (or are uncomfortable with responsibility, etc.
- Cooperative / Condominiums: Although to be regarded as a home owner, it is not a property or a cooperative! However, some people want to own something valuable but want someone else to be responsible for its maintenance etc. Others hate this approach!
After many years in the real estate agent sector, we truly believe that before committing to any particular opportunity, you will take the time to present, research, and find out what works best for your Real Estate needs, goals, and priorities. Become a qualified home user from Switchlanes Investment Limited Different Real Estate Development Projects offers! Partner with us and invest in our Yorkville Apartment Project.